Legal Question in Real Estate Law in Colorado
Owner financed real estate
We are selling to a party and are owner financing. We have done this
for 2 years. We recently received a
letter from a gas company wanting
to lease for a specified amount of
money. Is this still our property or
the people who are buying it. In
others words, who gets the royalty
if there is any
1 Answer from Attorneys
Re: Owner financed real estate
Whoever owns the natural gas rights now has the right to lease them. Unless you retained the natural gas rights when you sold the property (you don't know that??), they are probably now owned by your buyer, unless they were retained by some previous owner in the chain of title (this is common, by the way). It is not possible for me or any other person to answer your question without reviewing the chain of title to the property (a title report helps) and the paperwork for the sale to your buyer.
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